general discussion, page-1668

Hi Jumpstart,
I know it's uncomfortable to criticize a company of which we are shareholders however poor management, oversight and leadership needs to be called out. This is not just about building on-time and under budget, Many projects have delays and cost overruns, however in a culture of managerial professionalism reasons for delays are provided with updated target completion dates. Similar for cost overruns and budget blowouts - they do happen and performing companies provide a briefing on cost drivers that cause that overrun and deficits. It's called good quality management.

Here we have a company that:
1. in memory has NEVER delivered an announced milestone target date on-time( or anywhere near it).
2. switches from defined target dates(like completed in March) to a date star gazing into the future( after March).
3. has a Board who get remunerated irrespective of their performance and whether the Company does what it says it will do.
4. has a relatively large amount of money held by the tax office(tax rebate $12.6M) that was expected in 2023 and still not been forthcoming with reasons for that delay, culminating in repeated surprise capital raises diluting our share value.Some further revenue(~$3M) is contingent on that tax rebate being received!
5. seems to be asleep at the wheel - I say that because among 7 Directors( 6 of them non-executive Directors) who seem to have not flinched or questioned any of the above. Each day they delay completion is a day without revenue and the expenses continue to mount.

........and all that is just for phase 1. I could compile a similar list for Phase 2 and 3..................oh! and providing a list of those investors for stage 3 by end of 2023 with a signed non-binding MoU??? maybe they got the year wrong and it was 2024.

All the above points to a Board that is not fullfilling its duties who are being paid good money irrespevtive - no culpability if budget blows out, if tax office send a sharp pineaple, repetative capital raises and never meeting a milestone.
You may like to browse the role of Directors( https://www.aicd.com.au/board-of-directors.html ) and you will see that this mob are rather ordinary at it.
Yes, I have held Executive mangement positions, Board Director roles and completed the Company Director's course (AICD) and others - from my training and experience I am astounded that this Board can be so passive on these shortcomings.

Take a look at some of the comments in reaction to Proactive's postings for LMG on LinkedIn....the market is becoming skeptical and formulating a perception of fragile company foundations which is being reflected in the share price. We have now seen the share price erode down to about 5c. Previously I was confident on production that it could leap to 10-15c, however with their recent performance now I think we will be lucky to make 8c on announced production. I hope I'm wrong.